Any California Lenders out there that can qualify this borrower for a 1% pay option ARM?
Bankruptcy in July 2005
FICO= 583, 669, 630
LTV=90%
LA=500,000
Stated Income (he's a self employed contractor) with a DTI < 35%
Loan is for the purchase of an Owner Occupied home
Thanks in Advance
Answer:
He has to be out of the BK for at least 2 years. Why don't you sell him on a 2/28 get him in the home and refi him in 6months to a year. In Cali the homes are only going to keep going up. He can't get the program anywhere no one will touch it. He is lucky he will find a lender to give him any loan let him know that. Get him to do the 2/28 give him a little break on your fee's and he will come back to you to refi. If you need any other help email me @ karrie_ramel@countrywide.com
4 yr bk discharge minimum is almost the standard in the business. Anything less than two is not possible.
1% on 90%LTV is tough. Much more doable at 80%LTV though currently the best I have seen is 1.25% on great credit.
A 1-year interest only also might be a workable option depending on what part of the State. We are all over the place on prices going up or down.
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